Friday, January 23, 2009

GE profit down 44 percent

General Electric Co reported a 44 percent drop in quarterly profit on weakness at GE Capital and its lighting and appliance units, as the U.S. conglomerate and economic bellwether closed out one of the toughest years in its 117-year history.Despite meeting Wall Street's lowered estimates, earnings at the company's GE Capital finance arm its Achilles heel for the past year stumbled 67 percent. Its energy infrastructure unit, which makes electric turbines and windmills, was the highlight, recording 11 percent profit growth.